HomeRenewable energy ›Quinbrook and Primergy Solar Partner with APG on Gemini Solar + Storage Project

Quinbrook and Primergy Solar Partner with APG on Gemini Solar + Storage Project

Quinbrook Infrastructure Partners and its portfolio company Primergy Solar announced the sale of a minority equity stake in its US$1.2 billion Gemini Solar + Storage project outside of Las Vegas to APG.

October 13, 2022. By News Bureau

Quinbrook Infrastructure Partners and its portfolio company Primergy Solar announced the sale of a minority equity stake in its US$1.2 billion Gemini Solar + Storage project outside of Las Vegas to APG.

APG has agreed to acquire a 49% equity ownership in the project on behalf of its pension fund client ABP.

 

Earlier this year, Quinbrook and Primergy began seeking equity partners for Gemini, a 690MWac solar plus 1,416 MWh battery energy storage facility. APG was selected by Quinbrook and Primergy following the receipt of multiple offers from a diverse group of prospective investors ranging across the industrial and financial investor landscape.

APG is an experienced investor in US renewables and has several direct investments in utility-scale solar and storage assets in the US. Gemini will be APG’s largest single solar + storage investment to date.

Once complete and operational in 2023, Gemini is expected to generate enough clean energy to power more than 400,000 homes during peak periods and displace 1.5 million metric tons of CO2 annually.

David Scaysbrook, co-founder and Managing Partner of Quinbrook commented, “We are very excited to welcome APG as a partner to Quinbrook and Primergy as we advance construction of such a milestone project for US clean energy. Given the scale and impact of Gemini, we felt APG was an exemplary partner for us that is differentiated by its sophisticated approach to the Gemini project and to the US renewables market more generally. Our Primergy team will continue to manage the construction and operational phases of Gemini with some exciting milestones coming up as the mammoth Gemini Project takes shape.”

Ty Daul, CEO of Primergy Solar added, “The size, innovative integration of battery storage and siting on federal lands makes Gemini one of the most sophisticated clean energy projects ever developed. We are thrilled that APG, an experienced US renewables investor, is confident in our team’s capabilities to continue to build, and then to operate and maintain one of the largest solar plants ever constructed. Gemini is one of the first large-scale projects to approach clean energy development in a holistic way that successfully integrates ecosystem management and a commitment to local partnerships as well as delivering numerous other ESG related benefits. Together with Quinbrook, we look forward to partnering with APG in delivering a monumental clean power project for Nevada.”

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